Downward spiral: Louisiana lost two more rigs exploring for oil and gas this week, while the rig count for the U.S. also dropped. According to numbers by Houston-based oil and gas company Baker Hughes, Louisiana ended the short Christmas week with 56 rigs, down two from last week after a pair of north Louisiana rigs closed. Across the country, there were 700 rigs operating, down nine from last week. Of those 700, 538 are searching for oil and 162 are searching for gas. The oil/gas breakdown for Louisiana was not available. The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999. The count, normally released on Fridays, came early this week because of the Christmas holiday.
Christmas present: The Capital Area Transit System will end 2015 with a $300,000 budget surplus going into the new year, the agency says. Revenue in November 2015 was 30% higher than November 2014, while ridership increased 9% in that same time span. Monthly revenue in 2015 also topped 2014 totals in every month. “Fiscally, CATS is in a strong position as we enter 2016 with a budget that projects higher revenues and a lower operating cost than most public transit systems across the country,” CATS CEO Bob Mirabito says in a prepared statement. The transit system also touted a lower estimated operating cost per service hour in 2016 ($104) than the national average ($127) and in New Orleans ($158).
On the rebound: U.S. consumer spending rebounded in November after a weak showing in October, while a key inflation gauge posted the fastest year-over-year increase in 11 months. The Associated Press reports spending increased 0.3% in November after an essentially flat reading in October and a 0.2% gain in September, the Commerce Department says today. Personal income rose 0.3% in November, reflecting solid gains in wages and salaries, after a 0.4% October increase. Economists are predicting that further improvement in the job market will support consumer spending in coming months. Inflation is being closely watched by the Federal Reserve to determine the pace for hiking interest rates. Read the full story.
Editor’s note: The offices of Business Report will be closed Thursday and Friday in observance of Christmas, and Daily Report will not be published. Daily Report will return on Monday. Have a safe and happy holiday weekend.
